Mortgages Blog

Good news for home sellers

Home sellers have more positive news to celebrate, as home prices are rising, and more people are buying existing homes.

The Standard & Poor's/Case Shiller composite index of home prices in 20 metropolitan markets showed a 1.2 percent improvement in February over January and a 9.3 percent increase year-over-year.

In addition, the low inventory of for-sale homes has resulted in a rise in signed contracts to buy existing homes, the National Association of Realtors Pending Home Sales Index reports. Contracts in March rose 1.5 percent from a month earlier and 7 percent since last March.

Analysts are saying the two reports are further indication of a solid rebound in the housing sector that began in 2012. "Despite some recent mixed economic reports for March, housing continues to be one of the brighter spots in the economy," David Blitzer, chairman of the index committee at S&P Dow Jones Indices, noted in a statement.

Home prices are expected to continue to rise modestly this year and next. That will help the millions of homeowners who still owe more on their mortgages than their home is worth and cannot afford to take the loss if they sell.

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3 Comments

Kevin

May 22, 2013 at 7:40 pm

I am a first time home seller. I bought my home for 250k. My house has been on the market now for 2 weeks. I just got two offers this week. One is for 365,000 with the seller paying closing costs. The other is 350,000 with the buyer paying closing costs. Can someone elighten me if I should even entertain paying closing costs as the seller? Any information whould be greatly appreciated.

Kevin

Mike White

May 01, 2013 at 2:07 am

If you have other options to this loan you should consider giving them 48 hours to close based on the fact that they did not close on the designated date through no fault of your own.
By saying they are backed up is merely an excuse not a reason to delay the close of your refinancing.
Basicially what they are doing now is taking advantage of your good will and the problem is that now you don't know if the loan will ever close so you need to take charge and demand that they perform as promised. And also if you have suffered any damages
you can claim them as well And if you really want to get their attention copy your demand letter to the State and Federal banking regulators who should be watching this type of consumer abuse.

Diane Truman

April 30, 2013 at 6:04 pm

Wells Fargo and the settlement company they recommended did not close my refinancing by the designated date [April 26, 2013] on their paperwork to me: [ie] application, BFE and Mortgage loan approval docs. I did all requirements on my end- they just keep saying they're backed up & get no answers. QUESTION? Can I walk away from this deal and ask for a refund of my 466. application fee? Now it's May tomorrow and I have no estimated closing date. I have some minor surgery to schedule... then want to travel in May and early June. Help with info greatly appreciated!

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